TAGS: PVC, Plasticizers and Sustainability
Propylene Glycol Market size is expected to grow significantly from 2020 - 2026 as it is used extensively in various sectors. Propylene glycol is hydroscopic liquid which is produced by reacting propylene oxide with water.
Applications of Propylene Glycol
Propylene glycol market has applications in unsaturated polymer resins, antifreeze and functional fluids, plasticizers, excipients, cosmetics, and others. It is used in beverages for flavor dissolving, keeping the animal feed moist and as an emulsifiers water and oily elements in sprays, cream and other liquids. It is primarily used as excipients in various medicines.
For industrial applications the product is used in unsaturated polyester resin which are used in manufacturing components for automobiles, kitchenware, bathtubs, marine industry and in wind turbine blades. The product is also an important ingredient in formulating paints & coatings, polyurethane foam, heat transfer fluids, aircraft de-icing and liquid detergents.
Strategic steps taken by government to increase the infrastructure development in countries such as Mexico, Brazil, Mexico, etc. will escalate the propylene glycol market over forecast timeframe. Increasing environmental concerns has given push to adopt non-conventional energy such as wind energy propelling which will further add up in the growth path of the product market.
North America and Europe to Hold Decent Share in the Market
North America and Europe are expected to hold decent share in the propylene glycol market. The growth rate is although sluggish in these regions due to less investment in construction sector. Many European countries such as France, Italy, etc. are leading manufacturers of cosmetics and personal care products, these countries are also home of some of the leading brands, which makes it suitable destination for propylene market. Developing economies in Asia Pacific region will show a robust growth rate in near future supported by increasing urbanization. It is expected that market is expected to get consolidated in Asian countries due to rising demand of unsaturated polyester resins.
Source: Global Market Insights